Electrolyzers Market worth $57.2 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 20, 2023 /PRNewswire/ -- Electrolyzers Market is expected to reach USD 57.2 billion by 2030 from USD 0.5 billion in 2023 at a CAGR of 97.7% during the 2023–2030 period according to a new report by MarketsandMarkets™. The growing demand for cleaner fuels is one of the major factors driving the Electrolyzers Market. Global electrolyzers demand has been increasing gradually due to goals set to achieve net zero emissions in recent years. Governments worldwide are taking proactive measures to establish the necessary infrastructure for the development of green hydrogen, with a notable focus in Asia and the European Union, alongside select American and Middle Eastern nations. The increasing investment and funding landscape have emerged as formidable catalysts propelling the electrolyzer market into a phase of rapid expansion and technological evolution. Nations have incorporated electrolyzer targets into their hydrogen strategies. With the spotlight on green hydrogen intensifying as a linchpin in the roadmap toward a net-zero future which presents a significant opportunity for the Electrolyzers Market. However, the risks associated with high initial investment for setting up hydrogen production plants and lack of hydrogen infrastructure have hindered the growth of the market in recent years and are expected to restrain the market's growth during the forecast period.

Browse in-depth TOC on "Electrolyzers Market"

139 – Tables
48 – Figures
202 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=23889518

Electrolyzers Market Scope:

The alkaline electrolyzer, by technology, is expected to be the largest segment during the forecast period.

Based on technology, the Electrolyzers Market has been split into alkaline electrolyzers (AE), proton exchange membrane (PEM), solid oxide electrolyzers (SOE), and anion exchange membrane (AEM). The Electrolyzers Market for alkaline electrolyzers is anticipated to have the biggest market share over the forecast period. Alkaline electrolyzers is established and mature electrolysis technologies. As the need for green hydrogen grows, there is a rising emphasis on lowering the cost of electrolyzers. Alkaline electrolyzers are becoming more appealing for large-scale hydrogen generation due to their relatively simple design and lower capital costs compared to other technologies.

Inquiry Before Buying : https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=23889518

The grid injection segment, by application, is expected to grow at the highest CAGR during the forecast period.

This report segments the Electrolyzers Market based on application into four segments: energy, mobility, industrial, and grid injection. The grid injection segment is expected to grow at the highest CAGR during the forecasted period, owing to the extensive decarbonization efforts in North America, Europe, and Asia Pacific. Green hydrogen can be transported using grids. Renewable energy plants produce varying amounts of energy depending on the day and season. The extra electricity produced can be converted into green hydrogen and fed back into the system. This enables solar and wind power plants to operate at full capacity. Additionally, the penetration of renewables in the energy system presents significant opportunities. Even the pipe system, which is part of the grid system, serves as a storage vessel. Hydrogen may be transported by grid injection for lower cost and is suitable for various purposes.

Asia Pacific is expected to be the fastest growing region in the Electrolyzers Industry.

Asia Pacific is expected to be the fastest growing region in the Electrolyzers Market during the forecast period. The Asia Pacific region comprises major economies such as China, Japan, and Australia. The Electrolyzers Market in Asia Pacific is primarily fueled by the increasing foreign investments in green hydrogen projects. According to IEA, China is estimated to account for nearly half of global electrolyzers manufacturing capacity by the end of 2023. Asia Pacific is one of the leading markets for adopting green technologies to meet the government targets for reducing GHG emissions. It aims to deploy green hydrogen on a large scale. The country plans to have 200,00 green hydrogen fuel cell vehicles and 320 hydrogen refueling stations by 2025 to meet the global carbon emission standards.

Get 10% Free Customization on this Report:

https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=23889518 

Key Players

Some of the major players in the Electrolyzers Companies are thyssenkrupp nucera (Germany) , John Cockerill (Belgium), Nel ASA (Norway), Plug Power Inc. (US), and Siemens Energy (Germany). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

Recent Developments

• In October 2023, John Cockerill expanded its operations to the US hydrogen market by acquiring manufacturing space in Texas, for a new gigafactory. The facility is expected to produce 1GW per year of electrolyzers.
• In April 2023, Nel ASA entered into a contract with Hyd'Occ for the supply of 20 MW of alkaline electrolyzer equipment to Hyd'Occ for its venture in Port-La-Nouvelle, France. Nel has successfully completed and provided the front-end engineering and design (FEED) study for this project.
• In June 2023, thyssenkrupp nucera and Unipar collaborates to incorporate thyssenkrupp nucera electrolyzers in Unipar's plant in brazil
• In June 2022, Siemens Energy and Air Liquide formed a joint venture to produce industrial-scale renewable hydrogen electrolyzers in Europe.
• In March 2022, Enapter S.r.l announced the launch of a next generation EL 4.0 AEM electrolyzer. The electrolyzer will be utilized for mass green hydrogen production.

Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

Related Reports:

Hydrogen Generation Market by Technology (SMR, ATR, POX, Coal Gasification, Electrolysis), Application (Refinery, Ammonia, Methanol, Transportation, Power Generation), Source (Blue, Green, Gray), Generation Mode Region - Global Forecast to 2028

Hydrogen Market by Sector (Generation Type (Gray, Blue, Green), Storage (Physical, Material), Transportation (Long, Short)), Application (Energy (Power, CHP), Mobility, Chemical & Refinery (Refinery, Ammonia, Methanol)), Region - Global Forecast to 2030

Green Ammonia Market by Technology (Alkaline Water Electrolysis (AWE), Proton Exchange Membrane (PEM) Electrolysis, Solid Oxide Electrolysis), End-Use Application (Transportation, Power Generation, Industrial Feedstock) & Region - Global Forecast to 2030

Green Hydrogen Market by Technology (Alkaline and PEM), Renewable Source (Wind, Solar, Geothermal, Hydropower, and Hybrid of Wind & Solar), End-Use Industry (Mobility, Power, Chemical, Industrial, Grid Injection), and Region - Global Forecast to 2027

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/electrolyzers-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/electrolyzers.asp 

Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg